James Brodie
Head of Learning & Development, Flux
UK Data Disappoints, US Adds 9.9mb of SPR Oil, New Zealand to Cut Jobs
UK jobs weaken, US yields hit 2007 highs, equities slide, SPR releases surge, NZ cuts public sector jobs.
Woeful UK data. HMRC payrolls fall 100k with the unemployment rate rising to 5.0%.
Little happening in the markets, long end yields and the dollar both move higher with precious metals trending lower. As always spotting the trend is easy, riding the waves and timing the market is somewhat harder.
The 30-Year US Treasury Yield ended the day at 5.14%, its highest close since July 2007.
UK yields fell yesterday as Labour’s Burnham realises he has to play the markets and back tracks on his pro-EU calls. Imagine if this clown runs our country!
The U.S. injected 9.9 million barrels of oil from its Strategic Petroleum Reserve into the market last week. That’s a record high flow of >1.4 million barrels a day. It’s the second consecutive SPR record high flow rate.
U.S. equities. Momentum is having its worst two-day selloff since 2022, posting back-to-back 5%+ unwinds, also first time since 2022: GS…. High yields are NOT good for equity markets….
… as can be seen by the S&P500 vs MOVE Index (bond vol)
New Zealand announces it will cut 14% of public service jobs over the next four years to save money.
Written by
More News
Brent Trades At $110.50/bbl
Brent futures trades at $110.50/bbl; Trump says he postponed military strike on Iran on Gulf states request; India hikes fuel prices
4 page report
Brent Meets Resistance Above $111/bbl
The Jul'26 Brent futures contract surged to a high of $111.60/bbl at 17:28 BST this afternoon, where it met resistance...
4 page report
Blending in the bulls
We have seen net selling in the front EBOB crack and these players are out of the money....
14 page report
From Top-J to Drop-J
Naphtha market sees a week of two halves; thinner market due to PFA; cross-product driven liquidity
17 page report